Starbucks will launch NFTs, what will they do

Starbucks .this week He announced his plans to enter space web 3 With the launch of the NFT Collection later this year, individual collectibles will provide owners with access to exclusive content experiences and other benefits, he said.

The company made its plans known to investors Explaining how NFTs can help Starbucks expand its brandThis is a place between home and work where people can feel belonging to a cup of coffee.

Associated Emerging Technologies web 3And NFTs in particular, now allow this aspiration Brady Brewer For investors when submitting quarterly accounts. “We’re making our third digital hub. To achieve this, we’ll expand our image of what it means for people to be members of the Starbucks community by adding new concepts like ownership and community membership models that we’re seeing evolve in Web3,” he added.

The company said it will build its NFT community on the Web3 platform “Sustainable from an environmental point of view”, a decision that would be more in line with existing sustainability commitments. However, the company did not indicate what type of blockchain technology participated in its NFT pools, but said it likely was. “Multi-string” or “Neutral-string”.

Starbucks has been clear about the details of what its first set of NFTs will look like, who will design them, or what kind of subscription functionality will be provided. The company sees the possibility of creating a growth business adjacent to its stores Where digital collectibles are not only bought and sold speculatively, they also actually act as access passes that offer customers special experiences and benefits.

“We plan to start the first NFT range later this year, based on the art of coffee and storytelling. It will come with a host of unique experiences and benefits, the NFT Collection is worthy of the Starbucks genesis,” the post read. The company said that this group will serve as the backbone for building future groups and collaborations in the Web3 community.

Starbucks is ready to experiment with NFTs

While some companies are jumping into NFTs without thinking about how the technology will fit into their business plans, it appears Starbucks is trying a different approach. was involved Adam BrautmanAnd Mobile Order & Pay System Engineer and Starbucks AppTo help implement the project.

It’s no surprise that Starbucks is ready to experiment inNFT space The American company has made a name for itself by being at the forefront when it comes to embracing new technologies.

The mobile payment system, for example, helped pilot the idea of ​​using a phone to pay for orders before Apple Pay and other NFC-based payment experiences became available.. Starbucks said today’s Mobile Order & Pay business is worth more than $4 billion, up 400% in five years and 20% over last year. Starbucks said it’s now working on an advanced digital tipping app so customers can tip even when they’re not paying with their Starbucks card.

The coffee giant beats revenue expectations in the second quarter with revenue $7.64 billion vs. $7.6 billion expected and adjusted earnings per share of 59 centsThis is in line with expectations despite the losses in China due to the new Covid.

The company did not provide a forecast for the coming quarters, citing several factors including China, inflation, investments in stores and employees.

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